Policy and Taxation Group would like to highlight that this legislation contains a series of tax extenders which includes a provision to the federal gift tax. Once this legislation is enacted, the gift tax will not apply to contributions to certain exempt organizations. The provision treats transfers to 501(c)4, (c)5, and (c)6 organizations of the tax code as exempt from the gift tax. The provision will apply to transfers made after the date of enactment.
The House will vote to pass this legislation on Thursday before it moves to the Senate where it is expected to clear this Friday, avoiding a government shutdown.